Former U.S. Sen. Rick Santorum is remaining in the GOP presidential race on a shoestring budget, according to campaign finance figures released late Friday.

Former Sen. Rick Santorum

The Pennsylvania Republican raised $704,199 for the three months ending Sept. 30, according to a Federal Election Commission report. He spent $743,757, and his committee reported a cash balance of $189,556.

His campaign listed debts and obligations of $71,866.

Santorum, who placed a surprising fourth in the Iowa Straw Poll in August, has struggled in national and statewide polls. He began running radio ads in Iowa only this week, a sign of his difficulty in raising money.

His campaign announced today that it has appointed Eustace (Euse) Mita, an East Coast businessman, as its national finance chairman.

“It’s no secret that Rick hasn’t been out there fundraising much. Instead, he’s been focused on meeting voters, growing the grassroots base and pushing his conservative message in the early states,” Gidley said. “However, with strong debate performances and several top finishes in some important straw polls – the strategy is building momentum at the right time and are working to capitalize on the increased support. Appointing Euse is a big part of that. In fact, of the over $704,000 we’ve raised during the 3rd Quarter of 2011, half of that was raised in the last three weeks.

“This race has never been about high-priced consultants and slick TV ads – it’s about the people and getting America back on track,” Gidley added. “With every town hall, meet and greet and debate, it’s clear that the people like the message and they like the messenger.”